Cramer focused on these ideas, specifically, because Cooperman is a long-term value investor. Cramer believes finding value and then investing in it for the long-term is a viable way for individuals who actively manager their own portfolios to generate long-term gains.

Although Cramer has expressed concerns about the current selloff and suggests moving forward with caution, when you are ready to put money to work, the following four stocks may be of particular interest for the following reasons:

CNBC

1. Supervalu

Cooperman and Cramer view Supervalu, as just that, a super value, with the sum of the parts worth more than the current value of the stock.

Looking at the business units, even though Supervalu divested Albertson's, Acme, Shaw's and Star Market to Cerberus, it still owns other supermarkets, as well as discounter Save-A-Lot, and it runs a wholesale food distributor.

After examining the financials at the various units, Cooperman thinks the stock should be trading around $11.

"I think he's being conservative," added Cramer. "Under new CEO Sam Duncan, Supervalu is transforming into a company that can focus on growing and improving its operations." That too, could generate gains.

Effectively, both Cramer and Cooperman think the stock is too cheap given the forthcoming distribution potential.

"Analysts think the distribution could grow at a 24 percent annual clip through 2016, which is much faster than the group average," Cramer explained. "If the stock stays at these levels, that's a 6.9 percent yield in 2016."

Given Cooperman's net asset value calculation for Atlas Resource and Atlas Pipeline, he believes that Atlas Energy should be worth $59 per share.

Cramer sees yet another catalyst. "We've seen a lot of M&A activity in this space lately. I wouldn't be at all surprised if Atlas Energy, which has a relatively small enterprise value of $5.2 billion, turns out to be a possible takeover target."

3. Citigroup

Cramer and Cooperman both like Citigroup for the same fundamental reason, they both believe the worst is in the rear view mirror and shares don't yet reflect the future potential.

Cooperman's research suggests that Citi has a clear path to achieving a significantly higher valuation through cost cuts, returning capital to shareholders, a recovery in trading, and the continued resolution of CitiHoldings, the so-called bad bank.

Both pros are also bullish on CEO Michael Corbatt. "He has righted the ship and settled with the government for sins committed long before he took charge," Cramer explained.

All told, there could be a great deal of upside. Cooperman says Citigroup could print $60.